Bitcoin and Ethereum: Bitcoin bounces back above $26,000
- Bitcoin price has continued its recovery since yesterday.
- Compared to yesterday, we don’t have any big moves on the Ethereum chart.
Bitcoin chart analysis
Bitcoin price has continued its recovery since yesterday. We are again above the $26,000 level and manage to stay at that level. The current bullish consolidation could take us above the $26200 level, which would lead to the formation of a new higher high. We have additional resistance at that level in the EMA50 moving average, and we need a break above it in order to get rid of the bearish pressure.
Potential higher targets are $26400 and $26600 levels. We need a negative consolidation and pullback to the $25800 support level for a bearish option. For two days now, that level has provided us with solid support. A break above could mean a continuation of the Bitcoin price pullback. Potential lower targets are $25600 and $25400 levels.
Ethereum chart analysis
Compared to yesterday, we don’t have any big moves on the Ethereum chart. The price is still moving in the $1730-$1760 range. We are currently consolidating around the $1750 level and could see a breakout to the $1760 upper resistance line. The price would move above and eliminate the bearish pressure. In the future, the price would have the opportunity to start a further recovery.
Potential higher targets are $1770 and $1780 levels. In the zone around the $1790 level, we encounter the EMA50 moving average as an additional resistance at that level. We need a negative consolidation and a pullback to the $1730 support level for a bearish option. A fall below it could lead to the formation of a new lower low. Potential lower targets are $1710 and $1700 levels.
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